Brewin Dolphin Holdings PLC
6 April 2000
Brewin Dolphin Yorkshire Acquisition
Brewin Dolphin Holdings PLC, one of the UK's leading portfolio
managers and stockbrokers has, through its subsidiary Brewin
Dolphin Securities Limited, signed an unconditional agreement
for the acquisition of all the business and assets of
Broadbridge, the well established Yorkshire stockbroking
partnership. Completion of the acquisition is scheduled for
26 May 2000.
The consideration for the acquisition will be shares in Brewin
Dolphin Securities Limited. The Broadbridge partners may
until 20 September 2000 exchange the shares in Brewin Dolphin
Securities Limited for £2,500,000 in cash and 861,111 fully
paid 1p ordinary shares in Brewin Dolphin Holdings PLC, which,
at the closing price prior to the date of this announcement,
represents an initial consideration of £4.3 million. Subject
to the performance of the business acquired over the next
three financial years commencing 1 October 2000, further
consideration could be due on 7 January 2004 of fully paid 1p
ordinary shares in Brewin Dolphin Holdings PLC having a value
of up to £4 million.
Broadbridge, which is a member of the London Stock Exchange,
was established in 1918 and has an annual turnover of some £3
million.
Ian Waugh and Christopher Corlett will be retiring from the
Broadbridge partnership following the acquisition. It is
proposed that the Leeds head office of Broadbridge will, in
due course, be relocated with the Brewin Dolphin Leeds branch,
which has, until now, traded under the Wise Speke name and
will be rebranded Brewin Dolphin Securities.
Stephen Hastings, Senior Partner of Broadbridge, commented:
'Becoming part of a larger group will have significant
benefits for our clients. Broadbridge's existing operations
in Yorkshire fit very well with those of Brewin Dolphin and
the combination of our two firms creates a powerful operation
capable of meeting the growing demand for private client
stockbroking services.'
John Hall, Managing Director of Brewin Dolphin Holdings PLC,
said: 'I am delighted that the partners of Broadbridge have
decided to join us and look forward to welcoming them, members
of Broadbridge's staff and their clients to the group.
Broadbridge is a well established and highly regarded firm in
the North of England and it will significantly strengthen our
existing operations based in Leeds.'
For further information, please contact:
John Hall, Managing Director
Brewin Dolphin Holdings PLC Tel: 020 7248 4400
Steven Wild, Partner
Broadbridge Tel: 0113 242 2211
Bob Gregory
Bell Pottinger Financial Tel: 020 7353 9203